Car Loan EMI Calculator
Car Loan EMI Calculator
  • Loan Amount:

  • Rate of Interest (%):

  • Loan Terms (monthly):

  • Equated Monthly Installment (EMI) will be

  • Benefits
  • Features
  • Eligibility
  • Interest rates & charges
  • Document Required
  • Most Important Terms and Conditions (MITC)

Baroda Auto Loan for Pre-owned Car : Features

  • Bank of Baroda offers up to 75% financing on Market value or 75% financing on Agreement value or 100% on IDV value (whichever is less) financing on pre-owned car. However, the upper Minimum and maximum limit on pre-owned car is Rs. 2.00 Lakh and Rs. 50.00 Lakh Respectively
  • The interest rate on Baroda Pre-owned car is calculated on the daily reducing balance and is based on the credit score or CIBIL Bureau score of the applicant. The minimum credit score required for the loan is 701. CIBIL credit score (-1) can also be considered.
  • The repayment period or tenure for car loans is up to a maximum of 60 months and is determined by the EMI amount (Repayment period plus age of the vehicle (starting from original invoice date) should not exceed 96 months).
  • As collateral, all cars financed through our auto loans are hypothecated with Bank of Baroda. The hypothecation is removed once the borrower repays the entire loan amount. Salaried employees, businessmen and professionals, are eligible to apply for Bank of Baroda’s auto loans. However, the minimum age of the borrower should be 21 years, while the maximum age should not exceed 70 years after the repayment period is over.
  • The processing charges on our loans are minimal and are generally calculated @0.50% of Loan amount ( Minimum Rs.2,500/- +GST Maximum Rs.10,000/- +GST).

Baroda Auto Loan for Pre-owned Car : Eligibility

All Individual Resident Indians
  • Salaried including our Bank staff /ex-staff.
  • Self Employed & Professionals
  • Businessmen & Professionals & Others Directors of Private / Public Ltd Co.
  • Persons engaged in Agriculture& allied activities.

Purpose :
  • For purchase of old / used passenger vehicle / four wheeler for personal use through approved certified pre-owned car dealers of OEMs.

  • Salaried Employees / Pensioners having Gross Annual Income (GAI) of Rs.2.50 lacs & above.
  • Businessmen & Professionals & Others (Directors of Private / Public Ltd Co.) Having GAI of Rs.3.00 lacs & Above.
  • Persons engaged in Agriculture& allied activities Having GAI of Rs.3.00 lacs and above.
  • Staff members (availing under Public scheme).

FOIR (Repayment capacity)

Total deductions including proposed EMI should not exceed:

  • Salaried: 60 % of GMI (Average of last 3 months’ GMI (Gross Monthly Income) Individuals who have had a job with a minimum of 1 year with the current employer).
  • Others: 60% of GAI (Average of last 2 years’ GAI (Gross Annual Income) to be considered for FOIR calculation).

Baroda Auto Loan for Pre-owned Car : Interest rates & charges

Floating Rate:
Product Conditions Repo Rate + Spread Effective Rate of Interest
Car Loan
Pre Owned Car
Repo Rate + Spread
FROM BRLLR + SP + 2.50% TO BRLLR + SP + 5.25%
Effective Rate of Interest
From 10.20% to 12.95%

0.05% additional ROI will be applicable on each slab where Individual Customer does not opt GCLI (Group Credit Life Insurance).

Processing Charges :

0.50% of loan amount plus GST
(Minimum Rs. 2500/-+GST and maximum Rs. 10,000 + GST)

Baroda Auto Loan for Pre-owned Car : Document Required

KYC Documents (like PAN Card, Passport, Driving License, Aadhar etc.).

No fresh KYC for existing customers of our bank (account holder of minimum -6- months) where account is KYC compliant and it is updated in last -2- years.

Preferably E-KYC for other customers / Normal KYC compliance.

    Bank statement

  • Existing customer : No
  • New customer : Last -6- months

    IT Return

  • Self-employed : 2 years
  • Salaried : 1 Year and Salary slip for last 3 months

NACH mandate form (if required)

Proforma invoice (Quotation) issued by certified tie up partner (list of approved dealer will be issued and updated time to time by Retail Banking department BCC, Mumbai).

Performa Invoice issued certified tie up partner only should be accepted. Proforma invoice issued by sub dealer / broker / agent should not be accepted.

    Car documents

  • Copy of RC & Insurance

Baroda Auto Loan for Pre-owned Car : Most Important Terms and Conditions (MITC)

Minimum & Maximum Limit
  • Rs.2.00 Lakh and Rs.50.00 Lakh (for all Categories)

Repayment Period
  • Maximum 60 months.
  • Repayment period plus age of the vehicle (starting from original invoice date) should not cross 96 months.


Lowest of the following:

  • 75 % of latest Market value as per valuation certificate issued by certified pre-owned car Dealer. OR
  • 75 % of agreement / Invoice value. OR
  • 100% of Insured Declared Value (IDV) as per Motor Insurance Policy.

Bureau Score validation
  • Minimum Bureau score cut off as per bank’s guidelines.

  • Minimum Age of the Applicant: -21- Years; Co-applicant: -18- years.
  • Maximum Age of the applicant / co-applicant / guarantor plus repayment period should not exceed -70- years.

  • Hypothecation of vehicle financed.

  • Comprehensive insurance of the vehicle with bank’s clause.

Pre-closure charges
  • Nil

Rate of Interest
  • Rate of interest on Pre-owned car loan is based on CIBIL Bureau score of the applicant/co-applicant. Minimum cut off score is 701.

Frequently Asked Questions (FAQs)

  • Is there a tax benefit on car loans?
    • You can actually save on taxes if you are a car loan borrower who is self-employed or the purpose of car’s use is business. But this does not apply to salaried employees since car is categorized as a luxury item.
    • If the car loan is used to purchase a car which is being used for business purposes, then this interest payment gets calculated as your business expense, which can be claimed as a deduction under Section 80C of Income Tax Act.
    • For example,
      Assuming you are a self-employed individual who took out a car loan to buy a car for business purpose and your income is Rs.8 lakhs, your interest rate expenses are Rs. 20,000, then you can claim a deduction of Rs. 20,000 under Section 80C of Income Tax Act, such that your taxable income reduces to Rs. 7.8 Lakhs.
  • What is a car loan eligibility calculator?

    The quantum of finance you can get in the form of a car loan can be calculated by using the car loan eligibility calculator available online. Your car loan eligibility depends on your current income, value of the car you are looking to buy and assessment of your repayment capacity through current expenses or EMIs you are currently servicing. The car loan eligibility calculator helps you to arrive at an estimate of how much loan you can get, based on your inputs on your current income, value of the car, existing EMIs, age, location among other factors, though the factors taken into consideration for calculating car loan eligibility may vary from bank to bank.

  • Are there any prepayment charges for Bank of Baroda’s auto loans?

    You are allowed to prepay your loan without paying any prepayment charges.

  • What are the benefits of a car loan?
    • Opt for a car loan from Bank of Baroda to benefit from quick processing, minimal documentation and speedy fund disbursal. Loan borrowers are not required to pay foreclosure charges or pre-payment penalty, nor do they need to pay advance EMIs.
    • With higher limits on the car loan amount, you can avail loans for new cars for up to Rs.100 Lakhs (Rs.1 Crore). So, if you have always had your eye on a luxury car, our loan can take you one step closer to your dream.
    • Also, say goodbye to down payment worries, as you can get up to 90% financing on the car’s on-road price with Bank of Baroda’s auto loan.
    • Bank of Baroda offers attractive interest rates on loans to all customers based on their credit scores. Additionally, existing home loan borrowers with a good credit history enjoy a concession of 0.25% on their car loan interest rate.

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